$MathMaster logo$

MathMaster

Home
general
what payment 7 months from now would be equivalent in value to a 3 300 payment due 23 months from now the value of money i

Question

What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

294

likes

1470 views

Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

$Expert avatar$

4.4

118 Answers

Solution: For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right)

P=\frac{3300}{1+\left(0.027\right)\left(23\right)}

P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54 Answer: $2,420.54

Frequently asked questions (FAQs)

What is the derivative of ∫(x^3 + 2x^2 - 5) dx from x = 1 to x = 4?

+

What is the value of f(x) when x = 10 in the logarithmic functions f(x) = log x and f(x) = ln x?

+

What is the sine of the angle measuring 30 degrees on the unit circle?

+

New questions in Mathematics

How to find the value of x and y which satisfy both equations x-2y=24 and 8x-y=117

A sample is chosen from a population with y = 46, and a treatment is then administered to the sample. After treatment, the sample mean is M = 47 with a sample variance of s2 = 16. Based on this information, what is the value of Cohen's d?

8x²-30x-10x²+70x=-30x+10x²-20x²

Since one of the three integers whose product is (-60) is (+4), write the values that two integers can take.

Determine the absolute extrema of the function 𝑓(𝑥)=𝑥3−18𝑥2 96𝑥 , on the interval [1,10]

"If three wolves catch three rabbits in three hours, how many wolves would it take to catch a hundred rabbits in a hundred hours?" The answer is the number of response units.

The equation of the circle that passes through (5,3) and is tangent to the abscissa axis at x=2 is a.(x-2)^2 (y 3)^2 = 9 b.(x-2)^2 (y-3)^2 = 9 c.(x-2)^2 (y-3)^2 = 4 d.(x-2)^2 (y 1)^2 = 4 e.(x-2)^2 (y-1)^2 = 4

To celebrate the five-year anniversary of a consultancy specializing in information technology, the administrator decided to draw 3 different qualification courses among its 10 employees. Considering that the same employee cannot be drawn more than once, the total number of different ways of drawing among employees is:

A study reports the following final notation: F (3, 32) = 9.50, p < .05. How many total participants were involved in this study? Group of answer choices 34 32 36

The cost of unleaded gasoline in the Bay Area once followed an unknown distribution with a mean of $4.59 and a standard deviation of $0.10. Sixteen gas stations from the Bay Area are randomly chosen. We are interested in the average cost of gasoline for the 16 gas stations. 84. Find the probability that the average price for 30 gas stations is less than $4.55. a 0.6554 b 0.3446 c 0.0142 d 0.9858 e 0

Lim x → 0 (2x ^ 3 - 10x ^ 7) / 5 * x ^ 3 - 4x )=2

In the telephone exchange of a certain university, calls come in at a rate of 5 every 2 minutes. Assuming a Poisson distribution, the average number of calls per second is: a) 1/8 b) 1/12 c) 1/10 d) 2/5 e) 1/24

A machine produces 255 bolts in 24 minutes. At the same rate, how many bolts would be produced in 40 minutes?

Let X be a discrete random variable such that E(X)=3 and V(X)=5. Let 𝑌 = 2𝑋^2 − 3𝑋. Determine E(Y).

Kaya deposits 25,000 into an account that earns 3% interest compounded monthly. How much does Kaya have in the account after 6 years 8 months? Round to the nearest cent. 32,912.50 30,000 29,923.71 30,527.45

To get to a hotel on the hill you have to travel 6 km of uphill road and every kilometer there are 6 sharp curves. Each of the sharp curves is marked by three traffic signs. How many traffic signs are there on the stretch of road that leads to the arbergi?

a) 6x − 5 > x + 20

How do you convert a fraction to a decimal

A person travels by car from one city to another with different constant speeds between pairs of cities. She drives for 55.0 min at 100.0 km/h, 14.0 min at 65.0 km/h, and 45.0 min at 60.0 km/h and spends 20.0 min eating lunch and buying gas. (a) Determine the average speed for the trip.